RGPPL planning an IPO by end of '08 to raise Rs 1000 cr

PTI|

Mar 11, 2008, 02.40 PM IST

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NEW DELHI: Ratnagiri Gas and Power Pvt Ltd, the owner of Dabhol Power plant, is planning an Initial Public Offer (IPO) of about Rs 1,000 crore by end of 2008, company Chairman R K Goel said on Tuesday.

The RGPPL board will consider converting the Private Limited Company into a Public Limited firm and subsequently consider an IPO, he said.

RGPPL currently has a paid up equity of Rs 1,785 crore plus an additional Rs 1,200 crore sanctioned by the promoters -- Gail India Ltd, NTPC and Maharashtra State Electricity Board.

The total equity capital base of RGPPL is Rs 4,000 crore and the balance of unpaid capital is sought to be raised through the IPO, Goel added.

Post IPO, a private placement of Rs 500 crore is possible wherein the lenders to the power plant may convert their debt into equity, he said.